Following on from the Federal Reserve’s decision to hike interest rates in the US, the Australian equities market was sold off today. The local bourse opened in the red and remained underwater for the rest of the session before closing 0.83 per cent lower. It was a sea of red across most sectors today, however the energy space lead the losses after the oil price shed around US$1.50 overnight. Healthcare fared the best due to the US exposure of many of those biotech and pharma stocks.
At the closing bell the S&P/ASX 200 index closed 46 points down to finish at 5,539.
The value of trades was $7.2 billion on volume of 1 billion shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 21 points down.
Economic newsFull time employment in Australia for November has remained steady, according to figures released by the Australian Bureau of Statistics (ABS). This resulted in the trend unemployment rate remaining at 5.6 per cent for the second month in a row, or 5.7 per cent in seasonally adjusted terms.
Company newsFlexiGroup Limited
(ASX:FXL) has announced that Chief Financial Officer and Managing Director of Flexigroup New Zealand David Stevens has decided to leave the company after nine years of service. Mr Stevens will be replaced as CFO by Ross Aucutt who will start in the role in January. Shares in Flexigroup closed 0.41 per cent up at $2.43.
TPG Telecom Ltd
(ASX:TPM) is set to become the fourth operator of mobile services in Singapore, after winning the New Entrant Spectrum Auction.
Virgin Australia
(ASX:VAH) and Air Canada have entered a code-sharing agreement and formed a strategic partnership.
The Flight Centre Travel Group Ltd
(ASX:FLT) has lost an appeal in the High Court, which was brought against it by the Australian Competition and Consumer Commission (ACCC).
Best and worst performersThe best performing sector was Heathcare adding 0.08 per cent to close at 19,323. The worst performing sector was Energy, losing 3.39 per cent to close at 8,934 points.
The best performing stock in the S&P/ASX 200 was Sigma Pharmaceuticals
(ASX:SIP), rising 2.42 per cent to close at $1.27. Shares in Automotive Holdings
(ASX:AHG) and Incitec Pivot
(ASX:IPL) also closed higher.
The worst performing stock was Santos Limited
(ASX:STO), dropping 10.66 per cent to close at $3.94. Shares in Regis Resources
(ASX:RRL) and Western Areas
(ASX:WSA) also closed lower.
Commodities and the dollarGold is trading at $US1,142 an ounce.
Light crude is $1.51 lower at $US51.84 a barrel.
The Australian dollar is buying $US0.7423.
